Key Notes
- Michael Saylor humorously remarked that Bitcoin investors might need to sell their kidneys to acquire more BTC during a market slump.
- The price of Bitcoin fell below $80,000 following a significant hack on the Bybit exchange, where around $1.5 billion in Ethereum was stolen by hackers.
- Bitcoin skeptic Peter Schiff criticized Saylor’s recent statement, cautioning about the dangers of investing with leverage.
For Bitcoin
BTC
$83,093
24h volatility:
2.7%
Market cap:
$1.65 T
Vol. 24h:
$80.19 B
maximalists like Michael Saylor believe the leading cryptocurrency is worth any sacrifice – even a body part. On Friday, the founder of Strategy, the business intelligence firm at the forefront of corporate Bitcoin adoption, playfully suggested to his 4.1 million followers on X that they should sell their kidneys to purchase BTC.
His remarks came after Bitcoin’s recent nosedive below $80,000 on Thursday, reflecting an 8% drop within a single day. Back in January, Bitcoin had reached an all-time high of $109,000, a record since its inception in 2009, largely fueled by Donald Trump’s inauguration as US president. However, the excitement dwindled when Trump did not address cryptocurrencies in his inauguration speech.
Market Shocked by Bybit Hack
Bitcoin traded between $90,000 and $100,000 until a recent hack shook the entire cryptocurrency market. Last week, hackers took advantage of vulnerabilities on the Bybit exchange, stealing roughly $1.5 billion in Ethereum (ETH). This incident sent tremors throughout the crypto industry, leading Bitcoin to its lowest point since November 2024.
Despite the volatility, Saylor views this dip as an optimal buying opportunity, encouraging his followers to contemplate extreme measures, such as selling a kidney to obtain more Bitcoin.
Sell a kidney if you must, but keep the Bitcoin.
— Michael Saylor⚡️ (@saylor) February 28, 2025
Notably, this is not Saylor’s first time encouraging such drastic actions to accumulate BTC.
During a previous bear market that erased billions from the crypto market, Saylor urged investors to liquidate their assets and max out their credit cards for Bitcoin purchases using leverage. In a Fox Business interview, he even suggested that individuals should consider mortgaging their homes to invest in BTC.
Critics Slam Saylor’s Advice
Such statements have drawn sharp rebukes from various figures, including Peter Schiff, a well-known stockbroker and Bitcoin skeptic. Reacting to Saylor’s recent joking about kidney sales, Schiff questioned the billionaire’s lack of shame, recalling his past extreme endorsements of Bitcoin.
In response, an X user known as Pickle Rick noted that if Saylor’s followers had indeed mortgaged their homes as he previously suggested, they could have potentially realized significant profits by now.
Schiff promptly rebutted, reminding Rick that Bitcoin was around $50,000 at the time of Saylor’s advice. He argued that anyone who purchased Bitcoin using credit cards would be facing substantial interest payments now, given credit card rates nearing 24%.
Rick partially conceded, asserting that only the “stupidest of the stupidest” would follow Saylor’s advice without thinking.
“That’s insane rates 💀 Hopefully, if anyone did follow, they paid off their debt. And if they sold their house, they didn’t have to deal with mortgage interest. No need to assume you have the stupidest of the stupidest taking this advice,” Rick expressed on X.
Saylor Remains Committed to Bitcoin
Regardless of the criticism, Saylor continues to be a fervent advocate for Bitcoin. His company, Strategy, has been accumulating Bitcoin since 2020, and is now the largest corporate holder of the cryptocurrency, possessing 499,096 BTC.
The firm’s strategy regarding Bitcoin reserves has paved the way for other publicly traded companies to consider BTC as part of their treasury assets. In the US, several firms, including Semler Scientific, Marathon Digital Holdings, Riot Platforms, and even Tesla, owned by Elon Musk, have integrated Bitcoin into their reserves.
Disclaimer: Coinspeaker aims to provide objective and transparent reporting. This article seeks to deliver accurate and timely information but should not be interpreted as financial or investment advice. As market conditions can change swiftly, we encourage readers to verify the information independently and consult a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and seasoned writer focused on the evolving landscape of cryptocurrencies. Since entering the industry in 2019, she has cultivated a keen interest in the emerging crypto economy. Combining her enthusiasm for blockchain technology with her love for travel and food, she offers a unique and engaging perspective in her writing.
